China’s Guotai Junan Securities Plans $4.8 Billion IPO

SHANGHAI—Guotai Junan Securities Co. received regulatory approval Tuesday to raise as much as 29.7 billion yuan ($4.79 billion) in an initial public offering in Shanghai, paving the way for what could be China’s largest IPO in five years.

China’s third-largest brokerage firm by assets, which is already listed on the Hong Kong stock exchange, is the latest in a string of IPOs by companies in the sector taking advantage of investors’...